Less than a week after its highly anticipated stock market debut, Trump Media & Technology Group, the social media company founded by former President Donald Trump, revealed in a filing with securities regulators on Monday that it suffered a significant loss of nearly $58.2 million in 2023. This news caused the company's stock to plummet by more than 21%, closing at $48.66 after the sell-off.

The losses in 2023 are a stark contrast to the profit of $50.5 million that the company reported in 2022. Despite the increase in revenue from $1.5 million in 2022 to $4.1 million in 2023, the company's financial performance has been disappointing for investors. Trump Media, known for its flagship product Truth Social, went public on the Nasdaq stock market under the ticker symbol DJT after merging with Digital World Acquisition Corp.

The rollercoaster ride of Trump Media's stock price, which initially soared to over $79 before falling back to its offering price of $49.95, has drawn comparisons to the meme stock craze that gripped the market in 2021. Other meme stocks like GameStop and AMC Entertainment also experienced declines on Monday, with GameStop down more than 4% and AMC down 15% at market close.

The financial challenges facing Trump personally, including four criminal cases and a $454 million civil fraud penalty, have added pressure on the company's performance. Trump recently won a reduction in the amount he needs to put up to pause collection on the civil penalty to $175 million, which he must provide by Thursday. The former president's assets include about $294 million in cash or cash equivalents, with additional funds from selling assets like his Washington hotel lease and New York City golf course management rights.

While Trump Media's move into the public market could potentially bring significant gains for the former president, there are no immediate plans for insiders like Trump to sell their shares. However, there is speculation that the company's board might waive the restriction to allow Trump to sell shares and cover his mounting legal bills. The future of Trump Media and its financial stability remain uncertain as investors and industry analysts closely monitor the company's performance.